According to the company, Cleveland-based Forest City will not receive any proceeds from the sale and there is no assurance that any shares will change hands. McDonald Investments Inc., also based in Cleveland, will serve as a placement agent in offering the shares.
Forest City is a $4.4-billion real estate company listed on the NYSE. Its primary focus is the ownership, development, acquisition and management of US commercial and residential properties. The company's portfolio includes interest in retail centers, apartment communities, office buildings and hotels. Primary markets include Boston, Denver, Los Angeles, New York, Philadelphia, San Francisco, Washington, DC and Richmond, VA.
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